FXStat Copy Trading - Profit Not Possible?

Beginner Questions
1

I have been looking into various social / copy trading sites recently and tonight was looking into various signal providers on FXStat. There are many SPs on the site who, at first glance, appear to be generating great profits, however, when you take into account broker fees, most look like they actually end up with a loss!

Here’s an example of an SP who has been trading for almost a year:
fxstat.com/en/performances/view/EA-Happy-Gold-Scalp-322

[B][U]Relevant Numbers:[/U][/B]
Total Profit: 825 pips
Number of Trades: 470
[B]Profit per Trade: 1.75 pips[/B]

Broker’s Trading Fees (typical, per trade): 1 pip
Broker’s FXStat Commission (per trade): 1 pip
[B]Total Fees per Trade: 2 pips[/B]

[B]Net Profit: -0.25 pips![/B]

Am I missing something here!!??

2

Well, you figured out that you should not copy or follow anyone. That is not trading. Forex traders have their own trading strategy and execute it. The majority of forex traders fail as traders so when you follow anyone the likelihood of failure is about the same as if you trade on your own. Do the hard work, learn how to trade and then follow your own trading strategy.

3

Well, to be fair, there are a number of signal providers out there which have verifiable, multi-year track records of profitable trading, it’s just that this particular site doesn’t seem to have any which actually make any net profit after fees! :slight_smile: